<h1>Debt market liberalization: broaden participation and product innovation while preserving prudential safeguards to deepen liquidity.</h1> Policy measures aim to deepen fixed-income markets by expanding institutional participation, allowing moderate open positions for market participants, promoting Masala bonds and FPI access, and encouraging innovation under a regulatory sandbox. Infrastructure support includes building benchmarks via FBIL, enabling corporate bonds as central bank repo collateral through RBI Act amendment, clarifying netting to reduce capital charges, and permitting bank credit enhancement for infrastructure bonds with commensurate capital requirements, all while maintaining prudential safeguards against systemic risk.